Richard CanfieldPodcast Host and IBC Advisor, Ascendant Financial · Authorized Infinite Banking Practitioner | Author of 4 Books

From Tip Jars to Profit First

10 Jun 2025 · 1 min

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Richard Canfield talks with small-business owners about moving from tip-jar income to structured money management. They cover the Profit First method, using life insurance premiums as forced savings, and setting aside tax-hold accounts. The shift is from living paycheck to paycheck to allocating income into buckets that prioritize the owner's pay first.

Chapters

You were already saving using policy premiums. You'd learned that along the way because of the documentary you'd watched. So you were implementing for your own purposes. I'm curious, at what point did Profit first come along?
I think it was all an evolution. Like for us, the policies came before profit first. As you noticed, we were like, oh, well, we need to save, we need to make sure we're good. But we were not paying ourselves. We were living off of tips from the tip jar and the staff makes more. So we started to make sure we're paid first. We learned making sure we do. Those buckets just happen to put our tax hold account in a policy. So it's a really amazing system. When you understand Profit first, infinite banking and cash flow. It's awesome.